Ombud says BlackRock appointment by EU failed to consider conflicts of interest
The world’s largest asset manager was contracted to help develop green banking rules but has large stakes in fossil fuel industries
25 November 2020 - 13:46
Brussels/London — The European Commission failed to properly consider conflicts of interest when it appointed a division of BlackRock, the world’s largest asset manager, to help develop green banking rules, the EU watchdog said on Wednesday.
European ombudsman Emily O’Reilly launched an inquiry after the EU executive, in March, appointed BlackRock, through the company’s Financial Markets Advisory unit (FMA), to produce a study that would inform EU plans to integrate sustainability into banking prudential rules...
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